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Monthly Archives: July 2011
Business Intelligence – Balance Sheet
Once you have reconciled the bank account and checked your debtors and creditors are correct, now you can look at your Balance Sheet. The balance sheet which can also be referred to as the ‘statement of financial position’ shows a detailed listing of the business assets, liabilities and equity. The assets show the list of [...]
Business Intelligence – Profit and Loss Statement
The profit and loss report is an important report that shows a summary of income less costs and expenses with the ‘bottom line’ being your net profit or loss during a specific period of time. Understanding the income and expenses can help determine what makes the business profitable. Preparing the profit and loss statement can [...]
There are a couple of ways of reporting for your BAS in Saasu. You need to know if you pay your tax based on Cash or Accrual – if you are unsure please contact your Accountant. Provided that all your data is correct, this report will advise you of your tax liability or refund for [...]
What motor vehicle expenses can I claim?
How much you can claim for your motor vehicle will depend on your business situation. If your business is a company or trust then you can claim deductions for expenses relating to the motor vehicle that the business owns. However, if the motor vehicle is used for private purposes then you may be subject to [...]
Claiming Entertainment expenses as a deduction
Expenses are usually fully deductible provided that they are incurred in producing taxable income or that is required to carry on in business. I thought this blog is quite important as I have quite a few clients that don’t understand that not only is entertainment not deductible, but it is subject to FBT if put [...]
Taxing employees on Bonuses and Commissions
Often employers will pay their employees Commissions which are on top of their salary. Some employers don’t realise that they need to manually calculate and deduct the taxes outside a computerised payroll system, depending on the circumstances of the payment.
Dealing with your Debtors, Debtors statements and Creditors
Looking at your Debtors – Accounts Receivable Once the bank reconciliation has been complete and is up to date we can analyse the results. Firstly lets look at your Accounts Receivables in more detail – that is monies owing to you from your clients.